The Bear Cartel bought shares of Reliance from the market at higher price levels and it was also learnt that Dhirubhai Ambani himself supplied those shares to the Bear Cartel and earned a healthy profit out of The Bear Cartel's adventure. Authorities from the Bombay Stock Exchange (BSE) intervened in the matter and brought down the "Unbadla" rate to ₹ 2 with a stipulation that the Bear Cartel had to deliver the shares within the next few days. To find a solution to this situation, the Bombay Stock Exchange was closed for three business days. The settlement caused an enormous uproar in the market. With this, the demand increased and the shares of Reliance shot above ₹ 180 in minutes. In the case of non-settlement, the Bulls demanded an Unbadla, or penalty sum, of ₹ 35 per share. To complete the transaction, much money was provided to the stock brokers who had bought shares of Reliance, by Dhirubhai Ambani. On the day of settlement, the Bear Cartel was taken aback when the Bulls demanded a physical delivery of shares. The bulls kept buying and a price of ₹ 152 per share was maintained until the day of settlement. The Bear Cartel was acting on the belief that the Bulls would be short of cash to complete the transactions and would be ready for settlement under the " Badla" trading system operative in the Bombay Stock Exchange. To counter this, a group of stock brokers until recently referred to as "Friends of Reliance" started to buy the short sold shares of Reliance Industries on the Bombay Stock Exchange. Sensing an opportunity, The Bear Cartel, a group of stock brokers from Calcutta, started to short sell the shares of Reliance. It was rumoured that the company was making all efforts to ensure that their stock prices did not slide an inch. In 1988, Reliance Industries came up against a rights issue regarding partly convertible debentures. In the year 1975, a technical team from the World Bank visited the 'Reliance Textiles' Manufacturing unit. Franchise retail outlets were started and they sold the "Only Vimal" brand of textiles. He launched the brand Vimal during this time which sold polyester materials for saris, shawls, suits, and dresses.Īmbani's control over stock exchange Įxtensive marketing of the brand in the interiors of India made it a household name. In 1966 he formed Reliance Commercial Corporation which later became Reliance Industries on. While Damani was a cautious trader and did not believe in building yarn inventories, Ambani was a known risk-taker and believed in building inventories to increase profit.
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It is believed that both had different temperaments and different takes on how to conduct business. In 1965, Champaklal Damani and Dhirubhai Ambani ended their partnership and Ambani started on his own. Initially, they had two assistants to help them with their business.ĭuring this period, Ambani and his family stayed in a two-bedroom apartment at the Jai Hind Estate in Bhuleshwar, Mumbai. It was a 350 sq ft (33 m 2) room with a telephone, one table and three chairs. The first office of the Reliance Commercial Corporation was set up at the Narsinatha Street in Masjid Bunder. Majin was to import polyester yarn and export spices to Yemen. Founding of Reliance Industries Īmbani returned to India and started "Majin" in partnership with Champaklal Damani, his second cousin, who lived with him in Yemen. He left Aden in 1958 to try his hand at his own business in India in the textiles market.
He did his studies from Bahadur Khanji school. 5 Reliance Industries after Dhirubhai Ambani's deathĭhirubhai Ambani was one of the sons of Hirachand Gordhanbhai Ambani, a village school teacher belonging to the Modh vaniya ( Baniya) community and Jamnaben Ambani and was born in Chorwad, Malia Taluka, Junagadh district, Gujarat on 28 December 1932.
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